According to CoinMeta, crude oil prices rose by 1%, with the price of WTI crude breaking through $81, and Brent crude approaching $85, due to concerns about supply caused by the risks associated with the Strait of Hormuz and diplomatic uncertainties between the US and Iran. On Tuesday, crude oil prices recovered after a significant sell-off, with the market's recovery from the premium for Middle Eastern risks playing a driving role. Brent crude futures rose by $1.12, or 1.3%, to $84.89 per barrel, while US West Texas Intermediate (WTI) crude rose by 77 cents, or 1%, to $81.11. The decline on Monday was due to the US claiming that negotiations with Iran might ease tensions and improve traffic through the Strait of Hormuz, but Iran denied that any negotiations with Washington were underway, leaving traders without clear evidence of a diplomatic breakthrough.